Send monthly investor updates that maintain momentum, surface problems early, and unlock intros -using a proven template covering metrics, wins, asks, and learnings.
TL;DR
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Most founders send investor updates only when raising funds -missing 11 months of relationship-building. Monthly investor updates maintain momentum, surface challenges early, and unlock investor networks (intros, hiring, customers). Here's the proven template that makes updates valuable, not burdensome.
Key takeaways
- Monthly updates build trust and keep investors engaged between fundraises.
- Lead with metrics; be transparent about challenges.
- Specific asks ("intro to Head of Eng at Company X") convert 10× better than vague asks.
Investors write checks based on trust. Monthly updates compound trust over 12–24 months.
According to First Round's State of Startups 2024, portfolio companies sending monthly updates receive 2.3× more investor intros than those updating only when fundraising (First Round, 2024).
Who to send to:
Frequency: Monthly, sent by the 5th of each month.
Subject: [Company Name] Update – [Month Year]
Hi [Investor Name],
Here's our [Month] update:
## Metrics
| Metric | This month | Last month | Change |
|--------|-----------|------------|--------|
| MRR | $42K | $39K | +7.7% |
| Customers | 28 | 25 | +3 |
| Burn | $65K | $62K | +4.8% |
| Runway | 14 months | 15 months | -1 month |
## Wins
- Closed $50K enterprise deal with [Customer Name] (3-month sales cycle).
- Shipped analytics dashboard v2; activation rate up 18%.
- Hired founding engineer ([Name], ex-[Company]).
## Challenges
- Sales cycle lengthening to 90 days (was 60); adjusting Q3 forecast.
- Engineering estimates off by 50%; running retro to tighten process.
- Customer support tickets up 40%; need to hire CS lead.
## Asks
- **Hiring:** Intro to senior CSMs at B2B SaaS companies (Intercom, Front, Zendesk).
- **Customers:** Looking to pilot with healthcare startups (10–50 employees).
- **Advice:** Best practices for enterprise procurement (security questionnaires, SOC 2).
## Learnings
- Shorter sales cycles when we lead with ROI calculator (data from 12 deals).
- Friday deploys create weekend anxiety; moving to Thursday cutoff.
## Next Month
- Launch enterprise tier with SSO (target: 3 pilots).
- Close Q3 hiring plan (2 eng, 1 CS).
- Finalize SOC 2 roadmap (aiming for Q4 certification).
Thanks for your continued support. Reply with any questions or feedback!
[Your Name]
Include:
Why it matters: Investors scan metrics first. Transparency builds trust.
Red flags to address:
Include 3–5 bullets:
Tone: Confident but not boastful. Specifics > vague claims.
Example:
Why share bad news?
How to frame:
What to share:
What NOT to share publicly: Sensitive customer details, unannounced pivots, unverified rumors about competitors.
Vague asks get ignored. Specific asks convert.
Good asks:
Bad asks:
Template: "Looking for [specific role/customer/advice]. Ideal profile: [2–3 criteria]. Can you intro me to [specific person/company type]?"
For hiring workflows, see /blog/startup-hiring-first-10-employees.
Include 1–2 learnings that investors can reuse with other portfolio companies.
Examples:
Why it matters: Sharing insights positions you as thoughtful operator, not just executing.
Preview 2–3 focus areas for next month.
Format:
Why it matters: Creates accountability; investors can follow up next month.
Symptom: Send January, skip February, send March.
Consequence: Investors lose momentum; trust erodes.
Fix: Set recurring calendar reminder (1st of month). Even slow months deserve updates ("Steady progress; no major news").
Symptom: Every update is wins; challenges hidden.
Consequence: When bad news surfaces later, investors feel blindsided.
Fix: Share 1–2 challenges monthly, even if small. Transparency builds trust.
Symptom: "Any help appreciated."
Consequence: Investors don't know how to help; do nothing.
Fix: Be specific (role, company, person).
Symptom: 2,000-word essay; investors skim or ignore.
Fix: Keep to 500 words. Link to detailed docs if needed.
For communication workflows, see /blog/async-standup-remote-teams.
Call-to-action (Investor relations) Draft your first investor update this week using the template above and send by the 5th of next month.
Yes. Transparency matters more than perfect metrics. Frame declines honestly: "MRR flat at $40K; focusing on retention before new acquisition."
Use BCC (not CC) to protect investor privacy. For sensitive info (unannounced pivots, M&A talks), send separate 1:1 emails to board/lead investors.
Normal. 80% of investors read but don't reply. Track open rates (use tools like Mailtrack). Engagement shows even without replies.
Series A+: Transition to quarterly board updates + annual shareholder letters. Monthly updates become board-only.
Monthly investor updates build trust, unlock network access, and surface challenges early. Use the 6-section template: Metrics → Wins → Challenges → Asks → Learnings → Next Month.
Next steps
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